Lombard Risk Management plc (Lombard Risk), a leading provider of integrated regulatory reporting, compliance and collateral management solutions for the financial services industry, offers firms a FREE, on-line facility to help resolve XBRL validation errors encountered when submitting EBA regulatory reports to FCA or CBI. Firms have until 30th
June to produce, test and submit the new XBRL regulatory reports in order to be compliant with the latest Common Reporting (COREP) rules. In the case of the UK FCA, as of 1st
April GABRIEL was available for firms to test and submit reports – an opportunity to check that the XBRL they have generated is correct. If the XBRL is invalid, the user is presented with a non-human-friendly “Assertion ID” (an error code e.g. v0220_m) leaving the firm to work out where in the report the error has occurred.
Lombard Risk is offering “XBRL-Checker” as an absolutely free online application for firms to gain insight into the Assertion IDs produced by on-line submission systems – so that they may better understand where the XBRL error lies and resolve it quicker. Everyone is welcome to use it, whether they are a Lombard Risk client or not.
XBRL-Checker was designed by James Phillips, Director Regulatory Strategy and Lombard Risk Reg-Xperts (an unparalleled team of regulatory experts in the UK) and developed by the in-house team, headed up by Nick Davies, CTO, Lombard Risk who explains:
“We started hearing from firms (NOT using Lombard Risk REPORTER) experiencing problems understanding the regulators’ submission validation error codes and Assertion IDs, so developed this free-to-use application to provide some relief.
XBRL-Checker makes it easier to investigate the errors and demonstrates the power of the Lombard Risk platform and our extensive knowledge of XBRL.
We are extremely excited to be in a position to support the entire regulatory community – whether they are a client now, or could be in the future – through this tsunami of regulatory change.”
Organisations have an unparalleled amount of regulatory change currently under testing in their organisation that they are having to implement in the next 6 weeks up to the June submission date. This tsunami is driving new submissions of forms which are significantly larger and materially more complex than previous – and having to submit them in a new electronic format (XBRL – eXtensible Business Reporting Language) presents even more challenges to overstretched compliance and IT teams.
Lombard Risk has been able to capitalise upon its leadership position in the UK and its prior experience in providing XBRL solutions in other regulatory jurisdictions to win nearly 100 clients for its REPORTER COREP / XBRL solution.
